The Centers of Actuarial Excellence (CAE) program allows U.S. and Canadian universities and colleges with outstanding actuarial programs the opportunity to be recognized for that achievement and to compete for substantial grants in education and research. Center of Actuarial Excellence status will be granted to schools that demonstrate excellence in actuarial science through meeting strict criteria in quality of curriculum, number and quality of graduates, qualified faculty, strong ties to business, and beneficial research and scholarship.
Benefits to the university designated a CAE include:
- Eligibility to compete for substantial education and research grants to make significant investments in programs, research and the profession. Only schools designated CAE may compete for these grants. See below for more details.
- Ability to promote CAE status to current and potential students and to use the CAE seal in promotional materials
- SOA's promotion of Centers of Actuarial Excellence through the Web site, articles and other means.
As noted the SOA will design a seal which it will use in its promotion of schools designated CAE and will provide to the schools for their use in promotional materials as well.
In addition, CAE status:
- Assures prospective students that they will be well prepared for actuarial practice
- Assures employers that graduates have successfully completed a rigorous educational program and are prepared for professional practice
- Assures alumni that the school maintains high standards for its actuarial science program, and that future graduates are prepared to address the challenges of tomorrow
Attaining Center of Actuarial Excellence status makes the institution eligible for grants in education and research. Only schools that are Centers of Actuarial Excellence may apply for grants. These grants will allow universities to make significant investments in their programs, research and the profession.
The SOA anticipates awarding two grants each year: one for education, and one for research.
Annual awards will range from $50,000–$100,000 per annum for a period of three to five years. While we anticipate that grants are to be multi–year grants, we will also accept applications for single–year grants.
Research grants–The SOA will offer a list of suggested research topics (available fall 2009). Participants may submit a proposal on one of the suggested topics or on a topic of their choosing. Preference will be given to topics on the list, however, exceptional proposals in other topic areas will be considered.
Research grants can be used for all research expenditures, including research stipends for graduate students.
Education grants–Education grants will be awarded for initiatives such as curriculum development (including textbooks), program expansion, introduction of graduate student programs, hiring of faculty, etc. The SOA will not announce suggested topics for education grants.
Education grants can be used for all education–related expenditures.
Applications for education and research grants will be due in the first quarter of each year and grant recipients announced in the second quarter.
All universities that have been named Centers of Actuarial Excellence and remain in good standing will be immediately eligible to compete for CAE grants.
Once a grant is awarded, the recipient will be required to provide an annual account of how the grant money was spent. Failure to provide timely annual accounting will result in suspension of future grant payments until such accounting is provided.
Please direct questions regarding the CAE program to firstname.lastname@example.org.